Innovation and Entrepreneurship: Developing a Business Plan for Digital Coach

This article discusses the importance of innovation and entrepreneurship in today's business environment and provides a detailed business plan for Digital Coach, an innovative idea in the health care industry. The plan includes market and industry analysis, operational details, SWOT analysis, and financial requirements. The article concludes that Digital Coach has gained a competitive edge in the target markets of UK, China, India, and USA.

INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION.....................................................................................................................................3
TASK 2.......................................................................................................................................................3
Developing a business plan with idea and model..................................................................................3
CONCLUSION..........................................................................................................................................7
REFERENCES...........................................................................................................................................8

INTRODUCTION
Innovation and entrepreneurship are the two most important and useful elements in today's
competitive business environment, as it help a company to grow and be competitive against their key
rivals. Innovation is defined as process by which a product, a domain or service is brought and renewed
up to date by applying and implementing new procedures. While entrepreneurship refer to act of
establishing a venture and running it effectively by taking risk and developing innovative ideas. The
current assignment will be based on a business idea and that is Digital Coach. It will explain a basic
business plan by considering this innovative idea and using strategic models.
TASK 2
Developing a business plan with idea and model
A business plan is one of those strategic approach that describe key efforts of a company to
reach at expected outcomes and achieve strategic goals in specific time duration (Jukova and et. al.,
2019). It included several core elements as stages which defined attempts of companies towards gain
desire results. Here, business plan is develop in the context of Digital Coach, which is a new business
idea that implement into practical manner by considering below activities and taking each into
consideration appropriately.
Market analysis-
In recent time due to pandemic and health issues or concerns, individual people drive towards
adopting health diet habit, which make them fit and healthy for longer as they live. They also seek to
buy and considering everything from products to services accordingly, which is quite beneficial for
them. In term of determining customer need, management of Digital Coach first focus on targeting
people. By referring STP model, administration may focus on using demographic, geographic and
psycho graphic segmentation strategies, which enable them to determine target market and identify
their key characteristics, such as size, geographic location, value and demographic details (Huang and
Rust, 2021). It may choose four markets such as United State of America, China, India and United
Kingdom, where organization may target its customers aged 18 to 65, both male & female. Without
making differences between customers on the basis of religion, age and gender, company may focus on
targeting each who belongs to any social status. In term of demographic details, it may concentrate on
selecting married and unmarried people, between age from 18 to 65 years old who may have minimum

college graduation, because it made individual customer capable to use application and understand its
guidence which they may follow for long time as it depend on their needs and situations regarding
personal as well as professional life. Selected age group customers need to be fit and health as always,
especially in recent time, where pandemic affected their health negatively and make many people ill or
dead. Digital Global service is suitable and meet their needs in term of providing fitness tips to elder
people, dietary as well as food supplements suggestion to youngster, who tend to obtain this
opportunity without going out of home and waiting in list of people who stand out at place of dietitians
to get appropriate diet plan and take a lot of benefits through it. In term of geographic location as
characteristic, management may focus on well societies or communities, where they may reach easily
and influence people to take pleasure of Digital Coach mobile application.
Industry analysis-
In term of industry analysis, it is so important for management to take major steps and process
as well as approaches into their consideration. They may effort to outline key features of sector, which
made Digital Coach able to compete in. In regard to this, organization and its administration may take
Porter's five forces model into their thought as it help to determine key features of health care industry
and also identify the main competitors that also operate their business in same market (Bruijl, 2018).
Bargaining power of customers-
The degree of this force is high, because people prefer to take tips regarding their health in
recent time from reliable sources, instead of taking this via online as they do not trust online process. It
Mostly in UK, USA and China, population may highly prefer to walk out at homes and enjoy benefits
of fitness activities in open and indoor gyms.
Bargaining power of suppliers-
The extent of this force is also low, because there are number of suppliers may accessible in
health care industry who seek to work with a good brand, especially new which enable them to
increase their profitability and productivity. Low bargain power of supplier may provide chance to
Digital Coach in term of serving quality services to each customer on time.
Threat of new entrances-
Threat of this force is high, because in today's competitive business environment, individual
person may prefer to use advanced technologies through which they may start-up own ventures online,
without investing on establishing outlet. This opportunity may gain the attention of many and it
contribute to increase competition in health care industry between organizations whether it is new or

existing.
Threat of substitute services or products-
The degree of this element is low because number of substitute are less than existing. For
example, online and offline are the two most common sources through which people may take benefits
in term of getting health care tips. It does not impact much on business performance, especially when
management conduct appropriate research and take initiative to implement tactics by taking each factor
into their consideration.
Competitive rivalry in industry-
In health care industry, where each company whether is small or large may use advanced and
emerging digital technologies, the competition between organizations reach at its high. NHS in UK,
Beijing United family healthcare in China and other brands in more two target market are the main
competitors of Digital Coach that bring challenges in its success and continuous progress.
Above factors consideration in term of industry analysis, assist new venture to compete in
health care sector against their rivals. It outlines their key features and other factors that may impact on
a company that operate under it and tend to do so as start-up business.
Operations detail-
Digital Coach may effort to conduct varied operational as well as functional activities, which
made it capable to gain competitive edge and be competitive in industry for long. Along with providing
fitness tips via mobile application, it may also attempt to cater its service via fitness clubs, where
people may reach by choosing fix time, without thinking too much about their safety as the work area
may sanitize and hygienic. They may open own outlet or premise in four different markets in the world
as nations by selecting populated areas such as high societies where its workers may gain the attention
of local people. They may also choose nearby areas of colleges, because there most of the youngsters
may easily being attracted and refer their family to take part in health clubs where they conduct any
fitness activity as per their choice, to be fit and health forever.
Along with this consideration, Digital Coach teams may also effort to develop their official web
site where they may place each and every information about their venture and what they expect to offer
to target market in USA, UK, India and China. It is the most common, but effective way to get
customers to firm. Furthermore, they may also focus on transportation service accessibility at chose
location, which help people to reach at premise when they do not have own vehicle. As an external
factor, management may concentrate on parking facilities and infrastructure of organization. Within

working area, everything may be designed in attractive form and each equipment may buy as per the
health consideration or issues of individual customer, which is the main point that they consider
because it directly put impact on business image that administration effort to create or build in positive
manner. They may concentrate on each aspect of premise in detail, which is quite important for them
before starting their service and offering to potential customers.
SWOT analysis-
Strengths-
Online and offline services is the main strength of organization, which it tends to offer to people
as it help individual buyer to pay for that instead of considering rivals offerings (Stal and Paliwoda-
Pękosz, 2018). In term of strength, online and offline sources enable trainers to provide appropriate and
suitable suggestions regarding healthy life style to everyone, specially old people who are unable to
take step out of homes because of health issues. This thing make brand stand out from competition and
allow to be competitive. Another strength of company is its medical query process, which they
complete by providing a form in which candidate may fill everything about themselves that
management store and save in data to develop plans and prepare fitness tips accordingly.
Weaknesses-
Lack of effective feature in mobile application such as recording may put negative impact on
Digital Coach. This weakness affect negatively and may lead to decrease operational effectiveness of
brand. Some recording each video, customers are unable to do the same fitness activity next time when
they feel free to do so. Just because of this reason, customers may prefer to purchase fitness and healthy
life style tips plan from competitors.
Rivals may do better thing as compare to new business in term of providing free medical
treatment and medicines at initial participation stage.
Opportunities-
Technology advancement is the best opportunity, which Digital Global and its management may
grab by promoting venture through social media and other digital marketing platforms. Organization
may take benefits of each in term of developing plan to use these by developing official account and
promoting their tactics, which may contribute to generate revenue, increase percentage of web traffic
and increase profitability.
Threats-
In term of potential changes, government guidelines regarding health care providing

organizations and clubs where people may conduct yoga and other activities to make themselves fit,
may possess great threat that put negative impact on Digital Global in new nations as its target market.
Financial requirements-
Without having a good and strong financial base, it is not so easy for anyone to start-up new
venture or an organization effectively. To establish outlet and start Digital Coach business, owner may
require approx £ 90,000 in which cost of equipment such as furniture, premises costs, opening stock,
website development, working capital, system designing and development, machinery, office
decoration and other most important factors are included.
In order to run and sustain business in market, it is essential for management to take this start-
up costs into their consideration, which play vital role in success of venture and allow taking pleasure
of long term success in market, where several opportunities in regard to company accessible in bulk.
From January to the end of the year, firm may expect to generate sales approx 111,451 after making
investment of 90,000.
In order to collect money to open own venture, management may chose the best and most
appropriate source of funding such as Bank loans, crown funding or venture capitalist, which enable it
to obtain require financial support and allow achieving strategic goals as well as objectives. For
designing & developing advance systems it may invest £20,000, and for website development
organization may take initiative to invest £2000. In order to give influencing and attractive look to
office it may spend £ 8,000, and to implement and buy machines as well as equipment firm may spend
12,000.
CONCLUSION
From above analysis, it has been concluded that start-up business has gained competitive edge
by conducting market research and gather information about key rivals, which made management
capable to offer innovative and quality services to their target market that no other brand has been
offering recently. By offering suggestions in term of service regarding fitness, healthy lifestyle and
food habit, organization has builds wide customer base, which is quite tough for any brand whether it is
small or large to do so successfully. It has obtained competitive edge in UK, China, India and USA as
target markets.

REFERENCES
Book and Journals
Bruijl, G.H.T., 2018. The relevance of Porter's five forces in today's innovative and changing business
environment. Available at SSRN 3192207.
Huang, M.H. and Rust, R.T., 2021. A strategic framework for artificial intelligence in
marketing. Journal of the Academy of Marketing Science. 49(1). pp.30-50.
Jukova, E.E. and et. al., 2019. Planning a new business: typical mistakes of a business plan in the
service sector. Journal of Environmental Management & Tourism. 10(3 (34)). pp.441-447.
Stal, J. and Paliwoda-Pękosz, G., 2018, October. A SWOT analysis of using mobile technology in
knowledge providing in organisations. In International Conference on ICT Management for
Global Competitiveness and Economic Growth in Emerging Economies (ICTM2018).